| 1 | 1 | | SENATE . . . . . . . . . . . . . . No. 2476 |
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| 2 | 2 | | The Commonwealth of Massachusetts |
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| 3 | 3 | | _______________ |
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| 4 | 4 | | In the One Hundred and Ninety-Third General Court |
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| 5 | 5 | | (2023-2024) |
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| 6 | 6 | | _______________ |
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| 7 | 7 | | SENATE, October 19, 2023. |
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| 8 | 8 | | The committee on Consumer Protection and Professional Licensure to whom was |
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| 9 | 9 | | referred the petition (accompanied by bill, Senate, No. 147) of Cynthia Stone Creem, Josh S. |
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| 10 | 10 | | Cutler and Daniel M. Donahue for legislation to provide consumers with equal protection for all |
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| 11 | 11 | | real estate appraisals, reports the accompanying bill (Senate, No. 2476). |
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| 12 | 12 | | For the committee, |
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| 13 | 13 | | John J. Cronin 1 of 2 |
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| 14 | 14 | | FILED ON: 10/16/2023 |
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| 15 | 15 | | SENATE . . . . . . . . . . . . . . No. 2476 |
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| 16 | 16 | | The Commonwealth of Massachusetts |
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| 17 | 17 | | _______________ |
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| 18 | 18 | | In the One Hundred and Ninety-Third General Court |
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| 19 | 19 | | (2023-2024) |
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| 20 | 20 | | _______________ |
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| 21 | 21 | | An Act providing consumers with equal protection for all real estate appraisals. |
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| 22 | 22 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 23 | 23 | | of the same, as follows: |
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| 24 | 24 | | 1 SECTION 1. Section 173 of chapter 112 of the General Laws, as appearing in the 2020 |
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| 25 | 25 | | 2Official Edition, is hereby amended by inserting after the definition of “Certified appraisal or |
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| 26 | 26 | | 3certifies appraisal report”, the following new definition:- |
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| 27 | 27 | | 4 “Evaluation”, means an estimate of the value of real property, made in accordance with |
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| 28 | 28 | | 5the interagency Appraisal and Evaluation Guidelines provided to an entity regulated by a federal |
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| 29 | 29 | | 6financial institution’s regulatory agency, for use in a real estate-related financial transaction for |
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| 30 | 30 | | 7which an appraisal is not required by federal law. |
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| 31 | 31 | | 8 SECTION 2. Subdivision A of Section 174 of Chapter 112 of the General Laws, as so |
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| 32 | 32 | | 9appearing, is hereby amended by striking out the second sentence and inserting in place thereof |
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| 33 | 33 | | 10the following sentence:- Except to the extent permitted under subdivisions B and C, a person |
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| 34 | 34 | | 11who has not obtained a real estate appraisal license or certification under this chapter shall not |
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| 35 | 35 | | 12prepare, for a fee or other consideration, an appraisal or appraisal report relating to real estate or |
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| 36 | 36 | | 13real property in the Commonwealth. 2 of 2 |
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| 37 | 37 | | 14 SECTION 3. Said Section 174 of said Chapter 112, as so appearing, is hereby further |
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| 38 | 38 | | 15amended by striking out subdivision C, and inserting in place thereof the following new |
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| 39 | 39 | | 16subdivision:- |
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| 40 | 40 | | 17 C. The provisions of sections 173 to 199, inclusive, shall not apply to a person engaged |
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| 41 | 41 | | 18by a financial institution to perform an evaluation of real property. When providing an |
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| 42 | 42 | | 19evaluation, a licensed or certified real estate appraiser is not required to comply with the Uniform |
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| 43 | 43 | | 20Standards of Professional Appraisal Practice. An evaluation by a Massachusetts licensed or |
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| 44 | 44 | | 21certified real estate appraiser under this subdivision must contain a disclosure that the evaluation |
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| 45 | 45 | | 22is not an appraisal and may not comply with the Uniform Standards of Professional Appraisal |
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| 46 | 46 | | 23Practice. |
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